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How good of credit do you have to have to receive approval on a federal direct plus loan?
Personal Finance
qdl3288 asked:
If my parents wanted to take out a federal direct plus loan, what are the chances of approval if there credit is not good but not horrible either with a credit score between 630-640 and prior bankruptcies.
Sphere: Related ContentIf my parents wanted to take out a federal direct plus loan, what are the chances of approval if there credit is not good but not horrible either with a credit score between 630-640 and prior bankruptcies.
Tags: Bankruptcies, Credit Score, Direct Loan, Federal Loan, Parents
July 22nd, 2008 at 8:15 pm
it depends on how long ago the bankruptcy took place. with a score like that, I can’t imagine that it happened recently. You should try obtaining a loan with you name, even though the parents still have to provide information for themselves. They are usually pretty good about approving people who are in a real financial need for money. The first step that should/should have been done, was to file a FAFSA. Based on that, you can find out what financial aid you qualify for, which includes federal direct stafford loans.
July 26th, 2008 at 3:05 am
You should be able to qualify.
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